Schnitzer Steel shares drop after reporting first-quarter loss

Schnitzer Steel shares drop after reporting first-quarter loss

 

Shares in Schnitzer Steel Industries Inc. fell 7.9 percent Tuesday after the Portland-based company reported a $2 million first-quarter loss

The loss amounted to 6 cents a share for the quarter ending Nov. 30, compared with a 25-cent-a-share gain in the same quarter last year, when the metals company had a $7 million profit. Excluding restructuring charges, during the first quarter, Schnitzer posted an adjusted loss of 2 cents a share.

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